I need advice about bitcoin.

Arnold_Incelinator · 2021-04-05T00:02:35+00:00

how long are you planning to keep it as bitcoin? if its for couple of months you shouldnt but if you are going to hold it for years definetly start investing.

This year my portfolio is

45% ethereum 35% bitcoin 10% qtum and 10% link.

Also remember, there is going to be a major correction this market cycle, you can wait for that major correction and buy after it then hold for couple of years for major gains.

_Clearage_ · 2021-04-06T20:31:49+00:00

Bitcoin is an excellent long-term store of wealth.

Points I'd like to highlight based on the question asked:

•Investing is not about how you feel. Avoid emotional investing based on speculative conspiracy theories.

•Diversify, study what you're investing in, and understand that it's a long term thing.

•I'd avoid investing in non productive assets (gold and silver coins), unless it's in crypto (btc). Especially avoid buying other fiat currency. At max you should hold about 6 months of fiat for liquidity in case of an emergency.

•Don't try to time the market. Dollar cost average your positions and leave it alone.

•Research retirement accounts like roth IRA or 401k

• Create a personal balance sheet and budget so that you can forecast your investment goals and track your financial position (net assets)

I'm not a financial advisor, this is not financial advice, this is my opinion

King_Yautja · 2021-04-05T18:51:34+00:00

Best wallet to start with would be a hardware wallet. You can get a ledger nano s off amazon for less than 100 bucks. It's a little USB dongle easy to use easy to set up. Very secure. I was involved in bitcoin for a long time until I lost it all in a tragic boating accident but would still recommend investing some cash in it as a high risk/high reward play.

frenchlouve · 2021-04-05T00:14:17+00:00

I'm fairly new to bitcoin. I wanted to get into it back in 2018. I had around 90 cents on coinbase exchange back in 2018 (long story). I was gonna invest at least a grand. Never did. I left the cents in there and today it's more than $4. What would have happened if I'd put in that $1,000?

Advice: Do your own research (DYOR). One bitcoin is now $57,000+. It was less than $500 back in April of 2016. So you can see it's going up (in fact, it was less than 5,000 in March 2020). Some are predicting (more like hoping) it will hit $100,000 or more by the end of this year. I think putting money in bitcoin is a solid investment.

Every other coin you see on exchange (if you're a U.S. user, then binance.us, kraken, and coinbase are the popular exchanges to buy coins) is called an altcoin. Ethereum is the second most popular coin. It's $2,077.20 on coinbase as we speak. People are saying it will be the next bitcoin and get in the tens of thousands by years end.

Virtually, everybody in the crypto community invests in bitcoin and ethereum.

Altcoins I invest in: Cardano (ADA). It's got to be the 2nd most talked about altcoin. I get it mainly for thestaking rewards. It's currently $1.19 per ADA. But if you stake it in a wallet that allows staking, you can get 7% APR. Same thing with Algorand (ALGO). If you stake in the Algorand Wallet, you get 7% APR. ALGO is currently $1.32 per coin.

I also have Vechain. It catches my eye. Plus, when you get VeThor as well. So you get two coins for the price of one. You can also make around $40 worth of crypto when you get an account on coinbase.

What type of wallet to use is explained here. It's your choice what type of wallet you use. But try not to keep your coins on an exchange. They are the least safe there. I currently have Atomic Wallet and Algorand Wallet. Gonna be getting a hardware wallet soon.

In closing, I just wanna say two things that you as an investor already know: DYOR and only invest money you can afford to lose.

thefeetwork · 2021-04-05T06:38:07+00:00

Safest route btc and eth 50/50 on what you can afford to take an 80% draw down on. So if your investment is 1k you must be able to handle it going to 200 and staying there for 1-3 years before going to new all time highs if the bear market were to start right now, today. I personally have btc eth hex uni and link. The other 3 people refer to as shit coins and rightfully so as majority have gone to 0 and never return. You can most assuredly call it a gamble indeed. It has payed off ass 1k investment has turned to 100k since 2019. Anything can happen just risk what you can afford. Gather your positions on those assured btc/eth and take risk on those you research and have decent amount of faith in like I did with hex. Easy day.

Rawrrwar99 · 2021-04-05T05:38:58+00:00

Yes buy bitcoin don’t listen to these other shills. Just get BTC

TheApricotCavalier · 2021-04-05T05:03:40+00:00

> I feel the US economy is heading for trouble.

I agree. But things take time; humans have a common bias towards expecting immediate results

> Ive been buying foreign gold coins and silver coins.

Personally Im doing foreign stocks; such as Sony. Time will tell I guess.

> I am really leery of bit coin but perhaps I should get involved with it a little.

I got nothing for you; hard to predict

--Reddit-Username2-- · 2021-04-05T02:35:37+00:00

I was mining BTC back when it was $7/coin. You want BTC or ETH, the rest are riding their coat tails. Coinbase.com is easyish.

But I wouldn’t buy know, unless you think THIS IS IT, THE US DOLLAR IS NEVER RECOVERING. The price of crypto moves in positive correlation with fear...more fear, higher crypto prices. We are on the tail end of a huge year+ of straight fear among the people, and BTC is $60k+. The last big spike was $20k and lasted an hour before dropping to $200....that spike was due to negative inflation rates in EU and confiscation of private funds from banks, among other more minor things.

I totally agree with buying crypto...but I would wait just a bit. I sold all of my crypto a couple of months ago and am waiting for a windows to jump back in after the world calms down.

thefudmaster · 2021-04-05T01:40:37+00:00

Be aware, the SEC has filed a lawsuit which would basically make bitcoin not exist. Might be a good time to get out if you own shares.

SUEDE2BLACK · 2021-04-05T00:37:49+00:00

I would put a sizeable chunk in bit coin I bought in at under 200 so when it dipped baught back in around 400 kinda forgot about it untill it went to 20k pulled out to invest in real estate during the recession watched bit coin tumble went back in at around 3000k and have been holding since but even if you had put 10,000k in bit coin a year ago you would be sitting on a nice little fortune right now.Ethereum is a good one to jump into as well ive been holding for along time.

After that I would diversify into dividend stocks some tech some reits and ETF like the S&P

After that just figure out your financial goals and plan accordingly.

2ravens · 2021-04-05T00:35:49+00:00

Imo for trading own whatever cryptos are hot. I'm not a trader so I hold bitcoin only. To start just use an exchange until you have a decent amount (decent being whatever you feel). Then get a hardware wallet. If you TRULY want hack proof security then do this:

Get a Coldcard wallet. This literally never has to be plugged into a pc. You transfer a micro SD card back and forth when needed. I dont know how much better it can get than this.
Get a "seed card" like CryptoTag. Engrave your recovery phrase(s) on it from the Colcard. Titanium and permanent. Put this somewhere exceedingly safe.
Get a "multisig" address with someone like Unchained Capital. These take 3 keys. You would hold 2 (in 2 different coldcards for example) and they hold 1. It takes 2 of 3 keys to access the address funds. So in the event someone does steal one of your wallets they still could not get access to your bitcoin.

At least get a little crypto no matter what. It's an exciting new world and it's the future.

czr5014iph · 2021-04-14T17:55:26+00:00

8 years in btc... I’m buying 888tron. It’s a casino coin, you mine it or buy it on trontrade. Deposit it and it pays USDt every 24 hours. One HUGE pot, 5 casinos. They are adding a physical casino. Get in there telegram. If you manage to buy and deposit them on 888tron then it will pay you way better than any other alt, you are the casino house, I mean what beats the house?

Title	I need advice about bitcoin.
Author	rb5775
Upvotes	2
Comments	31
Date	April 4, 2021 10:57 PM UTC (5 years ago)
Subreddit	Posted in /r/MGTOW2
Original Link	https://old.reddit.com/r/MGTOW2/comments/mk6zeb/i_need_advice_about_bitcoin/
Archive Link	https://theredarchive.com/r/MGTOW2/i-need-advice-about-bitcoin.800981 https://theredarchive.com/post/800981

Comments